CBO boosts climate bill

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An analysis of the climate bill championed by Sen. John Kerry (D-Mass.) and Sen. Joe Lieberman (I-Conn.) found that government revenues would grow by about $751 billion by 2020 under the legislation.
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POLITICO 44

Senate backers of a long-shot bid to pass legislation with greenhouse gas caps got some fresh help Wednesday when the Congressional Budget Office reported that one high-profile proposal would help curb the federal deficit by about $19 billion over the next decade.

The CBO analysis of the American Power Act, championed by Sens. John Kerry (D-Mass.) and Joe Lieberman (I-Conn.) found that government revenues would grow by about $751 billion from 2011 to 2020 if the bill became law. By contrast, the legislation would create direct spending of $732 billion over the same 10-year period.

Authors of the proposal called the CBO report a “powerful message” ahead of a floor debate next month. They are still searching for a formulation that will draw 60 votes.

“There is no more room for excuses; this must be our year to pass comprehensive climate and energy legislation and begin to send a price signal on carbon,” Kerry and Lieberman said in a joint statement. “Many of our colleagues have said they flatly oppose anything that adds a penny to the deficit, so we hope they look anew at this initiative, which reduces it.”

Senate Majority Leader Harry Reid’s staff is still considering incorporating some elements of the Kerry-Lieberman bill as they craft legislation for this month’s floor debate. But Kerry conceded last week that his bill as a whole has been abandoned as the main vehicle for moving an energy or climate package.

Instead, Democratic staffers say they are now looking at three ideas: a popular overhaul of offshore drilling, an “energy-only” bill that would mandate an increase in renewable electricity and, as a long-shot add-on, a cap on carbon emissions from power plants only.

Reid spokesman Jim Manley told POLITICO on Tuesday that key staffers are putting together “different options” on energy and climate during this week’s congressional recess, with the expectation of running them by the Democratic Caucus next week when senators return to Washington. The goal, Manley added, was to find a bill that President Barack Obama can help move through the Senate.

Environmental groups have also conceded they lack momentum for the full Kerry-Lieberman proposal that emerged last month after nearly a year of closed-door negotiations.

“I don’t believe the Kerry-Lieberman bill as a whole is going to get voted on,” Fred Krupp, president of the Environmental Defense Fund, told reporters last week.

Still, several conservation groups are now leaning on Obama to step up his efforts to pass a climate bill with a cap on power plant emissions during the dwindling amount of time before the midterm elections.

“The Senate needs your help to end this paralysis,” leaders from nine major groups, including EDF, the Alliance for Climate Protection, Natural Resources Defense Council and Union of Concerned Scientists, wrote Obama last Friday. “With the window of opportunity quickly closing, nothing less than your direct personal involvement, and that of senior administration officials, can secure America's clean energy future.”

HUH?? The logic of the GAO and the Government Gang is incredulous. Sure, a HUGE TAX on everyone, combined with the other half of it going to the gang of miscreant Wallstreet panderers and their political sycophants, would "theoretically" decrease the deficit--but they'll spend and steal all of that. plus more.

GAO and Gov Logic: We'll tax citizens and business $751B (which will be of course at least twice that, and assuming there are any jobs and businesses left to pay it) , and the deficit will go down $19B--what dolts and idiots, hey, where is that $732B in "direct spending" coming from--out of THIN AIR?? we PAY them for this "data"??? I believe more and more these these people are truly insane, and truly believe citizens are totally stupid. No wonder the country is going bankrupt.

News like this needs to spread throughout the American public so that opponents of climate legislation or an energy bill will realize that putting a price on carbon to regulate emissions will be beneficial to everyone. It will cut the government's deficit while creating jobs in a new green energy economy. States that need employment the most are also most equipped to receive it - industrial states like IN, IL, PA, etc. This edf website outlines the potential for employment opportunities in a green energy economy: www.lesscarbonmorejobs.com. I agree Obama does need to take up this mantle and show the American public that energy and climate legislation is a national imperative and has the potential to benefit everyone in many ways - increased employment and national security (decreased dependence on foreign oil), lower health care costs (improved environmental quality like air and water), and government deficit from revenues. Opponents point to household costs - but the EPA just released a study that the proposed energy bill would cost households less than $1 per day, which can even be offset by the benefits of a greener economy and energy sector.

News like this needs to spread throughout the American public so that opponents of climate legislation or an energy bill will realize that putting a price on carbon to regulate emissions will be beneficial to everyone. It will cut the government's deficit while creating jobs in a new green energy economy. States that need employment the most are also most equipped to receive it - industrial states like IN, IL, PA, etc. This edf website outlines the potential for employment opportunities in a green energy economy: www.lesscarbonmorejobs.com. I agree Obama does need to take up this mantle and show the American public that energy and climate legislation is a national imperative and has the potential to benefit everyone in many ways - increased employment and national security (decreased dependence on foreign oil), lower health care costs (improved environmental quality like air and water), and government deficit from revenues. Opponents point to household costs - but the EPA just released a study that the proposed energy bill would cost households less than $1 per day, which can even be offset by the benefits of a greener economy and energy sector.

News like this needs to spread throughout the American public so that opponents of climate legislation or an energy bill will realize that putting a price on carbon to regulate emissions will be beneficial to everyone.

The CBO said that Obamacare would reduce the deficit too until they got to see the rest of the bill! This Climate Bill will cost consumers many Billions of Dollars and won't do a thing for the Climate!

This is the same CBO that told us that Obamacare would cost less than one trillion, but wound up settling on a 2.3 Trillion figure after the legistlation was passed. I think the CBO has lost all credibility on this and all other matters. He, and the office he heads are clearly partisan hacks for the Dems. Odumbo just keeps on digging the hole deeper and deeper. Unfortunately our kids and their kids will be forced to pay the price well into the future.

I cannot believe this administration is willing to bankrupt the country furthering an unclear and highly suspect agenda. Personally, I've had enough! Why can't dimwit politicians play their role and forego their endeavors of bettering mankind. I strongly suspect mankind would do much better without their interference/involvment. Politiicians, please do your job and stop the wall-street type speculation you have campaigned against while surreptiously encouraging it.

It's amazing to me how many of you posters have absolutely zero expertise in the areas of budget and climate but are willing to flatly state that this bill will do nothing but add costs to taxpayers

I strongly suspect that it the CBO had posted that this bill would add to the deficit you guys would be treating it like the word of God, but since it says the opposite you attempt to discredit it with nothing more than opinions drawn from your own predjuices and what FOX news tells you to think

If you seriously believe the status quo is acceptable while countries we compete with directly like India and China do not and are actually actively doing something about we will be at a serious disadvantage in the following years to come

Screaming NO NO NO while offering up zero realistic alternative solutions is a pretty poor political philosophy.

You guys had 8 years to do something and did nothing. Now it's time so either make some helpful suggestions or get the heck out of the way because the current path we are on is unsustainable

So the CBO says revenues from the Cap & Tax bill to the GOVERNMENT outweigh the costs. But where are the figures that energy will be more expensive to the CONSUMER? What about the billions of dollars that will be passed on to the consumers because coal fired power plants will be closed? What about the lost jobs that this will cause? With 0zer0 and the dumbcrats, it's all about what's good for government, not what's good for the people.

The 0zer0 regime and litard dumbcrats have declared war on America. It's time to take back America from the marxist fascists. All libtard dumbcrats and 0zer0 care about is power. They spend to redistribute the wealth to their backers, that are nothing but leaches on the economy and society. Illegal Immigrants, Hollywood, Unions, Lame Stream Media, Lawyers, Banks, Wallstreet, Insurance Companies and Welfare Queens. The dumbcrats are destroying the country piece by piece with their arrogance, hypocrisy and incompetence, and America has seen through their lies.

The poor libtard dumbcrats and 0zer0 fail time after time. They can't plug the hole in the gulf, they can't plug the hole in the border. They can't plug the hole in the economy, in jobs, in the deficit, in healthcare, in Wallstreet, in banks, in Freddie & Fannie, in housing, in N.Korea, in Iran, in Iraq, in Afghanistan, in Gitmo, and on and on and on.

Everyday the failures of the libtard dumbcrats and the 0zer0 Regime prove Joe Wilson correct when he told 0zer0 - "You Lie!"

America has rejected the Great Divider, Campaigner In Chief, Dear Reader Leader, the marxist fascist narcissist petulant man-child 0zer0. November can't come soon enough so America can undo their mistake in 2006 when they let the dumbcrats run wild. This time they will throw out the libtard dumbcrats in 2010, and complete the purge of the putrid garbage in 2012 when 0zer0 is removed.

Oh yeah...we know how well the CBO scores! They are not allowed to project anything and can only go by what's put in front of their face! CBO is a hoax after the department head met with Obama privately during the HC BS! I don tend to agree it will make more money for the feds but the American citizen will once and for all be screwed to death.

Your well reasoned logical arguments sure will win the day, calling our government a regime and half the people in this country ... well lets see - what did you call them , Arogant hypocrits who are retarded marxist fascist (contadiction in terms by the way but who's counting) dumbcrats who are petulent pieces of putrid garbage .... did I get it all?

Wow - what are you ? five?

So lets review, you despise your President, your government, the policies of the United States, Hollywood and our entertainment industries our legal system, our financial system, large business that have Unions (so teachers, firefighters, police and autoworkers are all pretty suspect then right?) and you feel the American federal governemnt has declared war on .... the American federal government? (huh?) and you detest and belittle half the people who call themselves Americans?

What exactly do you like? because you sure sound like a guy that hates your country

Move to Iran if you hate America so much - they sure agree with your arguments - I don't

Honest Americans should not trust anything that this Administration is putting forth. It's all 'Smoke & Mirrors' - Chicago style. Look at every person & situtation with 3 mandatory things in mind: Honesty, Integrity, and Justice. Obama and his adminstration do not have these qualities.

Is the CBO helping with cap and trade the same way it did with Obamacare? Remember how Obamacare was supposed to save money before it passe, then we find out that isn't true, and the dollar amount to stop doc's medicare cuts wasn't even included.

This is just more gimmickry from these idiots determined to raise our taxes.

What is wrong with Obama? Doesn't he know that we are in a terrible recession? There are so many unemployed who can't find jobs, continue to lose their homes, yet Obama wants to raise our taxes even more. Crap and trade will cost the average family approximately an additiona; $1700 per year, and cause more people to lose their jobs.

This country needs to be put back to work and the economy back on the right track first!

Any democrat who wants to be re-elected in November would be wise to stay far away from crap and trade.